Market Valuation

A Red Book valuation is a formal opinion of value which can be relied upon by the instructing party. These valuations can only be undertaken by an RICS surveyor (that is, MRICS, FRICS or AssocRICS) who is a member of the RICS Valuation Registration Scheme and is known as a Registered Valuer.

A ‘Red Book valuation’ should not be confused with a ‘market appraisal’ which is an informal opinion on a suitable guide price for a property provided by estate agents.

The main situations where a documented Red Book valuation is essential are:

• Tax purposes (e.g., tax planning / probate / capital gains tax)
• Transferring assets into a SIPP pension fund
• Divorce proceedings, or other legal court proceedings
• Disputes being resolved through mediation or arbitration
• Financial reporting

RICS Registered Valuers are required to work within strict professional standards set out in the RICS Valuation Global Standards document, known in the industry as the ‘Red Book’. These standards ensure that high standards of inspection, investigation, analysis, definitions, justification and presentation are met.

Red Book valuations will include the valuer’s views on the condition of a property when assessing its value, but a valuation is not a survey, and the scope of the condition assessment is set out in the Terms of Engagement. For a detailed assessment of condition of a property we recommend a Building Survey.

Please contact us for a quote.